Wildhorn Capital has acquired The Reserve at Walnut Creek in Austin, Texas, a 284-unit multifamily community in the city’s fast-growing Northeast Austin submarket.
The acquisition comes about two months after the Austin-based multifamily investment firm purchased two apartment communities totaling 288 units in San Antonio, Texas—Bitterwood Ranch Apartments and Fifth Avenue Apartments.
Over the past 12 months, Wildhorn Capital has closed on more than 1,100 units valued at more than $100 million in San Antonio and Austin. The firm buys and manages value-add apartment communities in growing Southern markets.
“We are very excited to add an institutional quality asset like The Reserve at Walnut Creek to our portfolio,” Managing Partner Andrew Campbell said in a prepared statement. “This represents our first acquisition in our native Austin and it is very well located to capitalize on the continued strength and growth of Austin, Texas.”
The Reserve at Walnut Creek is about eight miles northeast of Austin’s CBD and four miles southeast of the region’s Tech Triangle. Located at 8038 Exchange Drive in the Walnut Creek Business Park, the garden-style apartment community was built in 2002 and features one- and two-bedroom floor plans. In-unit amenities include granite countertops, walk-in closets, patios or balconies and full-size washers and dryers. Community amenities include:
- Business center with conference room
- Coffee lounge
- Fitness center and indoor sports court
- Dog Park
Close to Apple’s Planned $1B Campus
Earlier this month, Apple announced it planned to invest $1 billion in a major expansion in Austin with the development of a new 133-acre campus situated roughly one mile from its current property. The company, which already employs 6,200 people in Austin, said it expects to add another 5,000 to 15,000 employees, making it the largest employer in the area.
The new campus development is expected to have a spillover effect and boost rent growth across Austin’s multifamily, retail and office submarkets, according to commercial real estate executives. Site preparation is expected to start in 2019 with the first buildings coming online within 30 to 36 months.
Even before Apple revealed its expansion plan, Austin was one of the fastest growing cities in the nation, thanks to its low cost of living, top-notch talent, diverse and growing population and high quality of life. Rent growth has recently picked up again, increasing 2.4 percent year-over-year through August to an average $1,339, according to Yardi Matrix data.
Image courtesy of Wildhorn Capital